Agnico Eagle Mines Limited

AI-generated fair value estimate for this company.

Method: Reserve-life NAV/DCF (not a perpetual-growth model, since gold reserves deplete): 55.4Moz proven+probable reserves (YE2025) produced at a flat 3.4Moz/yr implies a ~16-year mine life; long-run gold price assumption of $3,200/oz (a ~25% discount to the $4,287/oz Sept-2026 spot) less AISC starting at $1,475/oz escalating 2.5%/yr; 33% effective tax rate; 8% discount rate; no terminal value past reserve exhaustion; plus $3.16B net cash; 506.36M shares. PV of after-tax operating cash flows ~$28.1B + net cash $3.16B ~$31.3B equity value.

Reasoning: A depleting hard-asset reserve base is better valued via a mine-life NAV than an indefinite-growth DCF; using a normalized (below-spot) gold price rather than the current record spot is the key conservatism, and it puts intrinsic value well below the $195.57 market price.